Correlation Between MayAir Technology and Shanghai Bailian
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By analyzing existing cross correlation between MayAir Technology Co and Shanghai Bailian Group, you can compare the effects of market volatilities on MayAir Technology and Shanghai Bailian and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in MayAir Technology with a short position of Shanghai Bailian. Check out your portfolio center. Please also check ongoing floating volatility patterns of MayAir Technology and Shanghai Bailian.
Diversification Opportunities for MayAir Technology and Shanghai Bailian
0.76 | Correlation Coefficient |
Poor diversification
The 3 months correlation between MayAir and Shanghai is 0.76. Overlapping area represents the amount of risk that can be diversified away by holding MayAir Technology Co and Shanghai Bailian Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Bailian and MayAir Technology is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on MayAir Technology Co are associated (or correlated) with Shanghai Bailian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Bailian has no effect on the direction of MayAir Technology i.e., MayAir Technology and Shanghai Bailian go up and down completely randomly.
Pair Corralation between MayAir Technology and Shanghai Bailian
Assuming the 90 days trading horizon MayAir Technology is expected to generate 1.99 times less return on investment than Shanghai Bailian. In addition to that, MayAir Technology is 1.46 times more volatile than Shanghai Bailian Group. It trades about 0.07 of its total potential returns per unit of risk. Shanghai Bailian Group is currently generating about 0.19 per unit of volatility. If you would invest 40.00 in Shanghai Bailian Group on September 3, 2024 and sell it today you would earn a total of 31.00 from holding Shanghai Bailian Group or generate 77.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
MayAir Technology Co vs. Shanghai Bailian Group
Performance |
| Timeline |
| MayAir Technology |
| Shanghai Bailian |
MayAir Technology and Shanghai Bailian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MayAir Technology and Shanghai Bailian
The main advantage of trading using opposite MayAir Technology and Shanghai Bailian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MayAir Technology position performs unexpectedly, Shanghai Bailian can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Shanghai Bailian will offset losses from the drop in Shanghai Bailian's long position.| MayAir Technology vs. Jiangsu Financial Leasing | MayAir Technology vs. Jiugui Liquor Co | MayAir Technology vs. Guangdong Qunxing Toys | MayAir Technology vs. Vontron Technology Co |
| Shanghai Bailian vs. Inspur Software Co | Shanghai Bailian vs. Iat Automobile Technology | Shanghai Bailian vs. Zotye Automobile Co | Shanghai Bailian vs. Caihong Display Devices |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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